New Orleans Employees Retirement System is considering a variety of investment moves, including an increased allocation to distressed debt, adding a private equity fund of funds and possibly increasing real estate holdings, said Jerry Davis, chairman.
Consultant Morgan Stanley recommended the moves, but the board of the $400 million fund made no decision at its meeting on Wednesday.
The markets are so chaotic, Mr. Davis said, adding that because of current market conditions, it has been hard to get board members to agree to the changes. The system has lost around $70 million because of recent market volatility, he said.
The board will review the proposals again at its November meeting.